16 Nov 2015
USD/CAD extends gains to fresh 7-week highs
FXStreet (Córdoba) - USD/CAD climbed to fresh 7-week highs during the New York session as the loonie weakened in tandem with oil prices, and following disappointing manufacturing data from both countries.
USD/CAD broke above the 1.3350 zone, which had capped the upside over the last sessions, and advanced to a peak of 1.3370, last seen Sept 30. At time of writing, the pair is trading at 1.3360, up 0.30% on the day.
The greenback remains underpinned by expectations the Federal Reserve will raise rates in December, while soft oil prices keep the CAD under pressure.
USD/CAD technical levels
As for technical levels, immediate resistances are seen at 1.3370(Nov 16 high), 1.3400 (psychological level) and 1.3415 (Sep 24 high). On the other hand, supports could be faced at 1.3289 (Nov 16 low), 1.3266 (Nov 13 low) and 1.3243 (10-day SMA).
USD/CAD broke above the 1.3350 zone, which had capped the upside over the last sessions, and advanced to a peak of 1.3370, last seen Sept 30. At time of writing, the pair is trading at 1.3360, up 0.30% on the day.
The greenback remains underpinned by expectations the Federal Reserve will raise rates in December, while soft oil prices keep the CAD under pressure.
USD/CAD technical levels
As for technical levels, immediate resistances are seen at 1.3370(Nov 16 high), 1.3400 (psychological level) and 1.3415 (Sep 24 high). On the other hand, supports could be faced at 1.3289 (Nov 16 low), 1.3266 (Nov 13 low) and 1.3243 (10-day SMA).